Magnetic Resonance Imaging Market Insights, New Innovations, Research and Growth Factor till 2031

Magnetic Resonance Imaging Market Outlook 2031

The global magnetic resonance imaging market was valued at US$ 7.0 Bn in 2022 and it is projected to grow at a CAGR of 4.2% from 2022 to 2031. The global magnetic resonance imaging market is anticipated to reach more than US$ 10.6 Bn by the end of 2031.

Magnetic Resonance Imaging Market Introduction

Magnetic Resonance Imaging (MRI) is an advanced diagnostic technology used to create detailed images of organs and tissues in the body. It can create 3D images of an object or patient under study without causing any harm and without using any ionizing radiation. MRI systems are available in open and closed designs. Open MRI systems are less enclosed, which in turn, reduces the level of anxiety and claustrophobia in patients. Thus, open MRI systems are effective for diagnosis in neonates. Closed MRI systems can capture high-quality, detailed images due to their stronger magnetic field. However, they can be noisy during scans.

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Rise in Geriatric Population and Incidence of Chronic Diseases Augmenting Global MRI Market Size

The global population is aging rapidly, especially in developed countries such as the U.S. and Japan. This is attributed to improved healthcare infrastructure and policies in these countries. Moreover, access to various diagnostic and treatment services has improved in the last few years, especially in developed economies. This, in turn, has increased the life expectancy of the population. According to the World Health Organization (WHO), the global geriatric population is expected to reach around 2 billion by 2050 from 524 million in 2010.

Rise in the prevalence of respiratory, orthopedic, and cardiovascular diseases is projected to boost the market during the forecast period. As per the WHO, around 9.4 million people die globally, every year, due to cardiovascular diseases, and around 23.3 million people are likely to die due to the same by 2030.

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Technological Advancements in Magnetic Resonance Imaging

MRI is an advanced form of medical image diagnostics, where the magnetic field of the scanner is utilized to create images of internal structures and organs of the body. Real-time dynamic MRI provides better contrasts and higher-resolution images of soft tissues as compared to other techniques. Thus, MRI is effective in imaging the brain, the heart, and muscle tissues. Advancements in diagnostic techniques such as open MRI, visualization software, and superconducting magnets are fueling the market.

Demand for technically advanced imaging equipment among hospitals and imaging diagnostic centers is also likely to augment the market during the forecast period. Market players are offering advanced products to enhance their market share. Siemens offers MAGNETOM Terra, the first ever 7T MRI system approved for clinical use in Europe and the U.S.

Increased Demand for High-field MRI due to High-resolution Capability

In terms of device type, the global magnetic resonance imaging market has been classified into low-to-mid field MRI (below 1.5T), high-field MRI (1.5T - 3.0T), very high field MRI (4.0T - 5.0T), and ultra-high field MRI (6.0T and above). The high-field MRI (1.5T - 3.0T) segment is estimated to dominate the market during the forecast period.

High-field MRI system is used to evaluate subtle regional blood flow changes in the brain cortex during a functional MRI of the brain. It helps capture images with higher precision and is available at comparatively affordable prices. High-performance superconductors, such as niobium-titanium, are used to generate high-strength magnetic field in the system. High-field MRI system offers faster scanning, high picture resolution, and the ability to visualize physiological processes of the human body. Additionally, it can provide precise and accurate imaging of complex anatomical structures.

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Rise in Adoption of Closed MRI Owing to Precise and Rapid Scanning Features

Based on design, the global magnetic resonance imaging market has been bifurcated into open MRI and closed MRI. The closed MRI segment dominates the market due to advantages of closed MRI such as precise and rapid scanning and robust visualization of physiological processes of the human body. Closed MRI system comprises a large tube where a patient lies down in an oval-shaped scanner opening. It is used with a high magnetic field strength that ranges from 1.5 Tesla to 3.0 Tesla.

Increase in Prevalence of Intervertebral Disc Degenerative Diseases Fueling Spine Segment

In terms of application, the global magnetic resonance imaging market has been segmented into spine, neurology, orthopedic, cardiovascular, head and neck, abdominal and prostate, and others. The spine segment held major of the market in 2021, and it is projected to remain dominant during the forecast period. Growth of the segment can be ascribed to increase in cases of spinal injuries and rise in the prevalence of intervertebral disc degenerative diseases, especially in the geriatric population. According to the WHO, around 250,000 to 500,000 people suffer from spinal cord injury worldwide, annually.

Regional Outlook of Global Magnetic Resonance Imaging Market

According to recent MRI market research, North America dominates the global market, primarily due to its large patient population and increase in disease awareness among people. Rise in demand for technologically advanced MRI equipment and increase in awareness about imaging devices are also contributing toward the market growth in the region. MRI statistics in the U.S. reveal that medical professionals perform approximately 30 million MRI scans, annually.

Asia Pacific offers immense growth opportunities for players in the magnetic resonance imaging market. It accounted for 27.5% share of the market in 2021. Untapped opportunities, improving healthcare infrastructure, favorable government initiatives, and growth in the geriatric population are expected to boost the market in the region during the forecast period. The magnetic resonance imaging market in Asia Pacific is characterized by high demand for refurbished imaging systems due to low purchasing parity in the region.

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Analysis of Key Players in Global Magnetic Resonance Imaging Market

Key players in the market are focused on the R&D of MRI systems with high field strength to enhance their market share. Expansion of product portfolios and regional presence and mergers & acquisitions are key strategic undertakings adopted by players. In June 2021, Philips and Akumin Inc., a leading outpatient diagnostic imaging services provider in the U.S., announced a strategic partnership to utilize Philips' new Radiology Operations Command Center across Akumin's outpatient imaging centers and co-create clinical standards for Akumin's MR and CT imaging modalities.

Some of the prominent players in the magnetic resonance imaging market include GE Healthcare (General Electric Company), Canon Medical Systems Corporation (Canon Inc.), Koninklijke Philips N.V., Siemens Healthineers AG, Hitachi, Ltd., Esaote SpA, Magnetica, and AllTech Medical Systems.

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